Summary: Wisconsin Health and Educational Facilities Authority Watertown Regional Medical Center Inc.; Hospital

Standard & Poors, May 2011

Abstract
Standard & Poor's Ratings Services affirmed its 'BBB+' long-term rating and underlying rating (SPUR) on the Wisconsin Health and Educational Facilities Authority's $11.1 million series 2001 fixed-rate revenue bonds issued for Watertown Regional Medical Center Inc. (Watertown, formerly known as Watertown Memorial Hospital). The outlook is stable. The ratings reflect our view of the hospital's: Historically solid financial results, with stable cash flow helping to generate sound maximum annual debt service coverage (MADS) of over 4x; Strong balance sheet, with operational liquidity at 225 days' cash on hand and low leverage of 28%; and Adequate market position, which includes an affiliation with the University of Wisconsin in Madison and its various entities (A+), with growing outpatient volumes; however, admissions have...

Companies mentioned in this report are: Watertown Regl Med Ctr, Inc.,Wisconsin Hlth Fac Auth
Action: Affirmed
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Watertown Regl Med Ctr, Inc.,Wisconsin Hlth Fac Auth

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